Draft:Moises Gertner
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Moises Gertner (born August 1957)[1] is British businessman and philanthropist active in real estate, property development, and natural resource commodities. Moises and his brother Mendi Gertner were formerly listed in the 2009 Sunday Times Rich List, with an estimated Net Worth of 450m Euros[2] For several years Moises and Mendi have been in several long running legal disputes with billionaires Dan Gertler Robert Tchenguiz, and Beny Steimetz[3] as well as Kaupthing Bank in Iceland.[2][4]
Business Career
[edit]Through their company, Fordgate, Moises and Mendi Gertner once had a European property portfolio valued at more than 2.5 billion Euros that included the former headquarters of Lazard Bank in the City of London and were also shareholders of Nikanor, a copper miner that floated on AIM in 2006 and was eventually taken over by global commodities group Glencore.[5] The brothers' property empire faced ruin after the 2008 financial crisis and the 2008 Icelandic banking collapse which included Kaupthing Bank.[4][6]
Moises and Mendi were introduced to Kaupthing as customers by Robert Tchenguiz, and acquired a 2.5% stake in Kaupthing, purchased with a loan from the same bank.[2] The bank collapsed in 2008 under the weight of huge debts. After the collapse, the Gertner's deal was scrutinized by the UK Serious Fraud Office, especially in connection to Tchenguiz.[2][7]
Bankruptcy
[edit]In 2015, Moises Gertner faced one of the largest private debts in history, more than 610 million GBP, primarily to Kaupthing Bank as well as several Jewish charities and individual investors.[5] Gertner initially proposed a repayment plan that returned a very small amount of money to his creditors, a total of 500,000 GBP to be split between all creditors.[8] The small settlement left several of the charities affected with almost nothing returned, prompting the United Kingdom's Charity Commission to open an investigation to determine if more regulatory action was needed.[9]
In 2019, after years of legal wrangling, Moises Gertner was forced to declare bankruptcy by the High Court of England and Wales.[10] By this time his debts had reached about 800 million GBP and the court refused to back the settlement plan Gertner had proposed. It was discovered that Gertner and Kaupthing had created a side deal to the settlement plan which the court said constituted a "breach of good faith." As a result, and at the request of his largest creditors, Gertner had to declare bankruptcy.[11]
References
[edit]- ^ "Moises GERTNER personal appointments - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 2025-01-13.
- ^ a b c d Shah, Oliver (2015-11-29). "Creditors close in on property tycoon Gertner". www.thetimes.com. Retrieved 2025-01-12.
- ^ Weitz, Gidi. "British brothers take on Israeli lawyer in multi-million dollar dispute over African diamonds". Haaretz.com. Archived from the original on 2024-03-07. Retrieved 2025-01-12.
- ^ a b Davidson, Alan (2011-03-30). "Property tycoons ready to be questioned". The Times. Retrieved 2025-01-23.
- ^ a b Shah, Oliver (2017-01-29). "Property tycoon faces bankruptcy". www.thetimes.com. Retrieved 2025-01-12.
- ^ Bowers, Simon (2011-02-09). "Kaupthing liquidators fight £1.8bn claim". The Guardian. ISSN 0261-3077. Retrieved 2025-01-23.
- ^ Bowers, Simon (2011-02-09). "Kaupthing liquidators fight £1.8bn claim". The Guardian. ISSN 0261-3077. Retrieved 2025-01-16.
- ^ Rashty, Sandy (December 18, 2015). "Charities lose millions after businessman agrees debt deal". www.thejc.com. Retrieved 2025-01-20.
- ^ Rashty, Sandy. "Charity Commission will look into case of Jewish businessman who owed millions". www.thejc.com. Retrieved 2025-01-20.
- ^ Montague-Jones, Guy (2019-07-22). "Moises Gertner loses High Court battle". Property Week. Retrieved 2025-01-26.
- ^ Clarence-Smith, Louisa (2019-07-21). "Property tycoon loses court battle to prevent bankruptcy". www.thetimes.com. Retrieved 2025-01-16.